The Law Offices of Nicholas Koluncich III, LLC Announces Investigation of Chanticleer (HOTR) – Seeking Former Employees and

The Law Offices of Nicholas Koluncich III, LLC Announces Investigation of
Chanticleer (HOTR) – Seeking Former Employees and Current Shareholders
Business Wire
ALBUQUERQUE, N.M. -- December 10, 2013
The Law Offices of Nicholas Koluncich III, LLC is investigating possible
breaches of fiduciary duty by certain officers and directors of Chanticleer
Holding, Inc. (NASDAQ: HOTR) (“Chanticleer” or “Hooters” or “Company”) and
requests that stockholders please contact us immediately. Although the outcome
of litigation is never assured, as a Chanticleer / HOTR shareholder, you may
be eligible for some form of financial recovery. According to its public
filings made with the United States Securities and Exchange Commission,
Chanticleer, in addition to other operations, has a majority ownership of
several “Hooters” restaurants in South Africa and one in Hungary. In
conjunction with its 2012 IPO, the Company filed an Amended Registration
Statement and Final Prospectus in 2012, representing that the company’s Fiscal
Year 2011 financial statements had been audited. Shortly after the offering
commenced, Chanticleer disclosed that the financial statements for 2011 and
the first quarter of 2012 could no longer be relied upon because the
statements for the South Africa operations had not, in fact, been audited.
Chanticleer subsequently restated financial results for FY 2011 and Q1 of
2012. These events precipitated multiple adverse Company events:
*HOTR suffered an immediate decline in share price of approximately 50% to
$1.66 per share;
*A shareholder class action was filed in the Southern District of Florida
alleging that the Company’s registration statement and prospectus was
false and misleading. This court case is still pending and shareholders
may still have their voices heard by contacting us;
*The Company announced that its South African subsidiaries have not filed
certain corporate income taxes for some years; and
*The Company announced that it had been served a subpoena from the
Securities and Exchange Commission seeking information regarding its South
African Hooters entities’ accounting.
If, as a shareholder, you wish to participate in a possible lawsuit concerning
these time sensitive matters or to discreetly and confidentially discuss them
with an attorney at no cost to you, you are encouraged to swiftly contact us
at the contact information below. We particularly encourage current
stockholders, former employees and any other persons having knowledge about
the Company to confidentially contact us.
If you own Chanticleer shares and have any questions concerning your rights or
interests with respect to the Company or its Hooters operations, please
contact The Law Offices of Nicholas Koluncich III, LLC. The initial attorney
consultation is free of charge and any future legal expenses would be advanced
by our firm. All information shall be treated as attorney client privileged
and confidential. Although the outcome of litigation is never assured, as a
Chanticleer / HOTR shareholder, you may be eligible for some form of financial
recovery.
The Law Offices of Nicholas Koluncich III, LLC
6501 Americas Parkway NE
One Park Square – Suite 820
Albuquerque, NM 87110
(505) 881-2228
FAX (505) 881-4288
nkoluncich@newmexicoclassactions.com
The Law Offices of Nicholas Koluncich III, LLC has been representing
individual and institutional investors for over a decade, serving as counsel
in numerous securities and derivative litigations in U.S. Federal and state
courts.
Contact:
The Law Offices of Nicholas Koluncich III, LLC
Nicholas Koluncich, 505-881-2228
FAX: 505-881-4288
nkoluncich@newmexicoclassactions.com